I too had an order for $4.00 that was filled at $0.01.
The order than was canceled. I contacted my broker, and was told that my broker had tried, but they (NASDAQ) would not budge....etc...etc.
Furthermore, I was advised that rather than adjust the fills, NASDAQ ruled to bust, which is a decision NASDAQ states cannot be appealed.
Logically this does NOT make sense especially for an organization that prides itself as being a first-class, user friendly one.
It appears NASDAQ believes they can "blow us off" inasmuch as individually it could be economically a loosing proposition to challenge NASDAQ (i.e. the cost of litigation, etc.).
I believe approximately 23,537 shares were traded in the $0.01+/- range at the open on 9/9/10.
Monday I am going to contact NASDAQ and attempt to determine by what authority (statute) NASDAQ believes they can simply "bust" orders--after making a mistake, and not even make an effort to restate the orders at a higher price (or the price at which the orders were originally placed).
If you are, or if you know of any other stockholders (potential or actual) that got screwed by NASDAQ's SNAFU, please contact me e-Mail at Bigmcc4u@yahoo.com.
After I speak to NASDAQ I will respond to each of you with an approach for seeking remedial action.
No, they not only failed to execute the order at the opening price of $4.03, they also failed to fill it at my original bid price, which was $4.50. Here is the text of their e-mail to me today in response to my "leaning" on them:
"Since the industry moved to the NOOP process to determine Amex opening prices, virtually everyone participates in the NASDAQ process now. At issue is the NASDAQ's policy. Your order was sent to NASDAQ as an on-open order, which in normal circumstances means you'll get the open.
This was not a normal situation and their system printed everyone at .01. Rather than adjust fills, they ruled to bust, which is a decision they (the NASDAQ) state you cannot appeal, but if you do decide you want to contact them, here is the proper email address: marketwatch:Nasdaq.Marketwatch@nasdaqomx.com
Do I have any recourse OTHER than a meaningless e-mail to NASDAQ?
Sure enough, the "days range" shows a low of .01. Whoever was on the other end of that trade got royally shafted. Even if they were silly enough to enter a market sell order, the market maker is supposed to do a better job than that in matching orders. But you really made out, unless they back out the trade.
I guess someone complained--just got off the phone with my broker, who said the clearing agent contacted him to say the .01 was "obviously" an error. The trade's been cancelled; I can't fight that, apparently. But they are trying to get the market maker to let me have the shares at the opening price of $4.03 or thereabouts.